500 Roubles

Belarus issued its first series of roubles in 1992 as transitional currency following the Soviet collapse, technically denominated in "Belarusian roubles" but replacing Soviet roubles that had already been withdrawn from circulation. Inflation hit quickly and savagely — by the mid-1990s, this 500-rouble note was functionally worthless in daily commerce, and the series was superseded by a redenomination in 2000 that knocked four zeros off the face value.

The P#A26 designation reflects catalog uncertainty about the precise issuing authority classification during the transitional period. Pick later reorganized these early Belarusian issues, which is why the "A" prefix appears rather than a clean sequential number.